Consolidate high interest credit cards
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|Loan Status:||Default||Origination Date:||2006-05-31||EricsCC ROI:||-46%|
|Jul 12, 2006||Current|
|Jun 15, 2007||Late|
|Jul 01, 2007||1 month late|
|Aug 01, 2007||2 months late|
|Sep 01, 2007||3 months late|
|Oct 01, 2007||4+ months late|
|Dec 28, 2007||Default|
I'm a single mom, a medical transcriptionist and recently completed my course work for my BS degree. I would like a loan to consolidate higher interest debt. I make $28,000/year. Rent is $545/month, other monthly expenses $500/mo, monthly payments on credit cards $200, leaving $300/mo for miscellaneous, savings, etc. If I'm funded for this loan, my payment would be $107/mo, less than my current total monthly payments. I've been repairing and rebuilding my credit, and have credit cards with high interest - this loan would be lower interest, thus saving me interest and allowing me to consolidate my payments into one payment. I could also use my "excess" part of my budget to pay extra toward my loan. A credit card I opened 1-1/2 years ago, during the time I wasn't focusing on my credit, went overlimit, incurring late/overlimit fees. I've been making regular small payments on it since last fall, and was recently able to transfer the balance to new accounts - $700 at 20.99% and $500 at 19.99%. I owe $1,400 spread between other cards at 28%. I also would like to pay the collection account - $400. With this loan, I'm trying to primarily refinance debt I'm already paying on, at a much lower interest rate.
I've had problems with debt in the past, but I'm working hard to correct it. I filed bankruptcy 7 (discharged 01/03) - I don't really want to get into the long sordid story I'm sure you've all heard before, but basically a bad marriage with an abusive husband led to it. I have some derogatories after the bankruptcy - I went back to college to finish my degree, then had problems with a very ugly custody battle (expensive with lawyer, court costs, etc.) and medical problems. At the time, my focus was not on my credit. I never even looked at my credit reports until last summer, and the damage was done by then. Since, I've been working very hard at cleaning up my credit and changing my bad habits, and I've done quite well so far (thanks to CB - I'm cadicae there, too).
For the 2 judgments, the underlying debts were discharged through bankruptcy. Most of the other negative/delinquent accounts were also included in the bankruptcy. Current delinquent accounts include the credit card mentioned above and a utility collection from over 2 years ago. Early last year, in the process of consolidating and getting deferments on my student loans, I incurred some lates. The other delinquents in the past seven years are the bankruptcy, the accounts included, and lates on student loans pre-bankruptcy.
Please also see my profile. My GL has my info. If questions, please ask. Thank you!